Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345.000, and net income of $117,000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above

Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345.000, and net income of $117,000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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